‘Record commercial performance in all businesses’ for Fincantieri’s first half 2024
Fincantieri says it has achieved a record order pipeline of €41.1 billion, providing business visibility up to 2032 and highlighting strong performance across all business segments.
This comes as the company’s first half 2024 results are approved. As well as its strong performance the company cites the completion of its €400m rights issue, and says it received an outstanding market reaction with 100 per cent of new shares offered subscribed.
“Our performance in the first half of the year confirms and further improves the economic and financial results we ambitiously set in our 2022 business plan,” says Pierroberto Folgiero, CEO and general manager. “The initiatives pursued, a focused and strong management team, and our people’s sense of belonging at Fincantieri have driven margin improvement and cash generation.
“These results, combined with a record commercial performance in all businesses, pave the way for a steady execution of the business plan. We are highly satisfied with the technological expansion in the underwater domain as well as in the energy and digital transition.”
Key highlights from this period include:
- A 16 per cent year-over-year increase in EBITDA to €214 million, with EBITDA margins improving to 5.8 from 5.0 per cent in the first half of 2023.
- The €400 million rights issue was completed to support the acquisition of Leonardo S.p.A.’s Underwater Armament Systems (UAS) business line, with 100 per cent of the new shares subscribed, reflecting strong market confidence.
- The net financial position improved significantly to €2,424 million, better than the €2,813 million reported in the first half of 2023, and only slightly higher than the year-end 2023 position of €2,271 million.
- Fincantieri secured €7.6 billion in new orders, more than triple the €2.1 billion from the first half of 2023, and surpassing the total order intake for the entire year 2023.
- Significant contracts were secured, including two PPA units with the Indonesian Ministry of Defence worth €1.18 billion and additional frigates and submarines, reinforcing Fincantieri’s market position and growth potential.
In the first half of 2024, Fincantieri – which recently signed an agreement with iGenius, an Italian scale-up active in AI technologies – says it continues to deliver on its 2023-2027 business plan, with results fully in line with year-end targets, in a market context characterised by the recovery in cruise orders and significant opportunities, at national and international level, in the defence sector, with particularly interesting developments in the United States, in the Middle East and Southeast Asia.
In the defence sector, the first half of 2024 was characterised by strong growth, with several orders finalised.
